A vNM function specifies the preferences of an individual precisely, but it is usually difficult to elicit [1]}.
However, due to the precise information about a decision-maker's preferences, knowledge of the vNM functions allow for precise solution concepts as well – the prevalent one being the Nash equilibrium (NE) [2]}. The NE is a fixed point in strategy space that no player unilaterally wants to deviate from, giving a single (possibly mixed) strategy profile as the solution.
